When Opec+ in July set out its roadmap to phasing out production cuts by the end of 2022 through tapering the cuts by 400,000 b/d each month, the agreement included a provision to pause or even reverse the process (MEES, 23 July). Given the huge levels of uncertainty still surrounding the course of the Covid-19 pandemic, most observers expect that Opec+ will have to pause the process at some point. The question is, when?

If the IEA’s latest Oil Market Report (OMR) is any indication, the answer is, not just yet. (CONTINUED - 914 WORDS)